In terms of natural gas reserves, it is ranked 6th in the world. In the late 1990s the government renegotiated its export and price arrangements with Gazprom and renewed deliveries to Georgia, Ukraine, and some other countries. [9][10] Since his election in 2007, President Gurbanguly Berdimuhamedow has unified the country's dual currency exchange rate, ordered the redenomination of the manat, reduced state subsidies for gasoline, and initiated development of a special tourism zone (Awaza) on the Caspian Sea. Please check your download folder. Turkmenistan is largely a desert country with intensive agriculture in irrigated areas, and huge gas and oil resources. the top ten producers of cotton in the world, "World Economic Outlook Database, October 2019", "Inequality-adjusted Human Development Index (IHDI)", Turkmenistan Cuts Last Vestiges Of Program For Free Utilities, "XE: (USD/TMT) US Dollar to Turkmenistani Manat Rate", "Statistical Review of World Energy 2014", "BBC NEWS - Asia-Pacific - Russia blamed for pipeline blast", "Is Turkmenistan Being Pulled Into Russia's Orbit? Most of these exports will end up in China 70%, Turkey 5.3%, Italy 5.3%, Afghanistan 4.5%, Russia 4.1%. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Turkmengosstrakh, the state insurance firm, has a complete monopoly of the very small insurance industry. Turkmenistan gdp for 2018 was $40.76B, a 7.47% increase from 2017.

[13], Three cement plants operate in Turkmenistan. [8] Turkmenistan is among the top ten producers of cotton in the world. Turkmenistan's GDP is expected to grow by 3.2% in 2020 and 5.8% in 2021 – ADO 2020 Update Turkmenistan's inflation rates forecasted at 10.0% in 2020 and 8.0% in 2021 – ADO 2020 Update GDP … Turkmenistan Global Economic Prospects examines trends for the world economy and how they affect developing countries. The top exports are gas, crude oil, petrochemicals, textiles and cotton fiber. [26], The following table shows the main economic indicators in 1993–2017.[27]. Data are in current U.S. dollars. However, Soviet-era pipelines dictate that much of the gas goes to the Caucasus, Russia and Ukraine. Hydrocarbon exports, the bulk of which is natural gas going to China, make up 25% of Turkmenistan’s GDP. Turkmenistan gdp for 2015 was $35.80B, a 17.75% decline from 2014. The construction of the plant that would produce 640,000 tonnes/year of urea (carbamide) and 400,000 tonnes/year of ammonia is due to be completed by June 2014. Ashgabat has explored two initiatives to bring gas to new markets: a trans-Caspian pipeline that would carry gas to Europe and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline. The bulk of them will be exported since the domestic demand in the country does not exceed 10,000 tonnes. Turkmenistan's major gas deposits were discovered in its central and eastern areas in the 1940s and '50s, and in the 1980s the republic became the second largest producer of gas in the Soviet Union, behind the Russian SFSR. These are located near Ashgabat, Balkan and Lebap provinces. The government of Turkmenistan discusses the state budget draft and submits it to the President of Turkmenistan.